Northern Cyprus: Analysis of New Developments (Houses and Apartments) with 1 Bedroom

According to the MAPREX analytical system, the most popular type of housing in Northern Cyprus by the number of bedrooms is 1+1 apartments, which make up 35% of all housing under construction. As of early June 2024, there are 11,056 1+1 units in active construction, of which 5,753 are available for purchase, including 7 houses.

These properties are spread across 122 residential complexes, being built by 38 developers. This year, sales have started in 8 new complexes, including projects such as Hillside, Hollywood, La Joya Perla (Phase 2), Los Angeles, and Manhattan. 56% of all properties under construction are located in İskele.

TOP-10 developers by the number of 1+1 units under construction:

1. Afik - 2,197 units
2. Evergreen - 1,500 units
3. Northernland - 1,264 units
4. Döveç - 942 units
5. Noyanlar - 925 units
6. Cyprus Constructions - 650 units
7. Akol - 386 units
8. MMT - 382 units
9. DEM's Construction - 323 units
10. Capiton Construction - 240 units

As of early June 2024, the sales rate for 1+1 units reached 52%, though this figure varies significantly depending on the location:

• Lapta: 79% (324 units under construction, 207 sold)
• Alsancak: 61% (57 units under construction, 35 sold)
• Kyrenia (Girne): 62% (164 units under construction, 102 sold)
• İskele: 62% (6,209 units under construction, 4,133 sold)
• Tatlısu: 53% (860 units under construction, 454 sold)
• Küçük Erenköy: 29% (1,247 units under construction, 367 sold)
• Gaziveren: 27% (926 units under construction, 120 sold)
• Esentepe: 22% (1,146 units under construction, 256 sold)

Delivery timelines for 1+1 units currently for sale are as follows:

• 47% will be completed in 2026
• 30% in 2027
• 15% in 2025
• 8% in 2024

Price Range:

• 72% of all 1+1 units available for purchase as of early June 2024 are priced between £100,000 and £200,000, with a minimum price of £72,000 and a maximum of £399,000.

Price Dynamics:

• Over the past 6 months, the median price of 1+1 apartments has fluctuated between £166,000 and £170,000, driven by the introduction of a significant number of units at lower prices in remote areas such as Güzelürt.
• The median price of 1+1 houses increased by 4% in May, reaching £399,000.

The price of apartments is primarily influenced by the location of the complex and the availability of infrastructure.

Top 10 most expensive complexes by median unit price for 1+1 apartments:

Residential complex	Developer	Price of 1+1, GBP	Location
K-Island 3	Kensington	399 000	Tatlısu
Sea Magic Garden	Carrington Group	330 000	Esentepe
Seafront	AKOL	325 000	Boğaz
Mckenzie 2	Dörter Construction	300 000	Long Beach
Sunny Hill Village	The Cove-Baştaşlar Construction	300 000	Esentepe
K-Island 2	Kensington	292 000	Tatlısu
Golden Circle Village	The Cove-Baştaşlar Construction	287 000	Esentepe
Casa Del Mare	Northernland	283 000	Esentepe
Aelita Garden Resort	Kayim Development Group	283 000	Esentepe
K-Island 1	Kensington	275 000	Tatlısu
Lake Garden Village	The Cove-Baştaşlar Construction	275 000	Esentepe

Top 10 most affordable residential complexes where you can purchase 1+1 apartments:

Residential complex	Developer	Price of 1+1, GBP	Location
Class 8	Erbatu	72 000	Gazimağusa
Oleya Cyprus	Noyanlar	76 000	Geçitkale
Melis	Nurel Group	92 000	Alsancak
Kavan City 2	Kavanlar Yapi	105 000	Alsancak
Velocity	Homeland	112 000	Long Beach
Aphrodite Aqua	Evergreen	114 000	Gaziveren
Sky Diora	Noyanlar	115 000	Yeni Erenköy
Los Angeles	MMT	116 000	Gaziveren
Arcadia	Dörter Construction	120 000	Bogaziçi
Caesar Resort 9	AFIK	121 000	Long Beach
Caesar Resort 8	AFIK	121 000	Long Beach

Sales Dynamics 

In May 2024, 124 units of 1+1 apartments were sold in newly constructed buildings, marking the lowest monthly figure in the past 6 months since April. For more detailed information about the state of the Northern Cyprus residential real estate market and specific residential complexes, you can subscribe to our analytics system.